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ViaBTC: Firmly supports BU and only one Bitcoin should exist

ViaBTC has officially reiterated its support BU’s solution to Bitcoin’s scaling and noted that it will not admit the so called BCC or BCU.

With its hashpower accounting for 7% of the full network, ViaBTC is the one the first mining pools that publicly support BU.

Below is the its announcement.

1. We support Bitcoin Unlimited(BU)

It is an urgent issue to find a solution for scaling as the increasing transaction backlogs in the network have compelled many Bitcoin users to leave. ViaBTC is the first global public pool to run Bitcoin Unlimited protocol, while ViaBTC has also been actively promoting BU to other pools as well as helping them to take concrete actions .

We believe BU is best solution to fundamentally solve the scaling issue. The Bitcoin network can be easily updated to BU according to Miner Guide: How to Safely Hard Fork to Bitcoin Unlimited. However, as there’s still a possibility that Bitcoin blockchain would split into two chains, ViaBTC has made this statement.

2.We only admit one Bitcoin

We don’t accept “BCC”, “BCU” or any other other illegitimate Bitcoin. If the current Blockchain splits into two chains, we will follow the philosophy of Bitcoin Whitepaper: only one chain will be the validated as the legitimate chain, which means there will be only one Bitcoin. We will only support a scaling solution based on extensive consensus. We only admit that a chain that has the biggest PoW and that is the longest should be the only legitimate chain. The chain that has less hashpower will gradually be invalid owing to the choice of the market and industry.

3. ViaBTC’s plan for a Hard Fork.

Hypothetically speaking, if hard fork happens, ViaBTC will take two measures as following:

1) Pool/Cloud Mining: If a hard fork happens, our pool and cloud mining products will only support the mining of the legitimate Bitcoin.

2) Bitcoin Withdrawal for chain with less hashpower: If a hard fork happens, we would instantly freeze accounts of our users meanwhile confirm the balance of accounts on the chain with less hashpower on a 100% basis. As a hard fork may lead to technical risks such as replay attacks and unstable network, we will evaluate all the risks before we decide the timing for customers to withdraw the balance. For users of the chain with less hashpower, if they do not withdraw their Bitcoin within our given time (3 months) or if the chain gets invalid due to lack of hashing power support, their account balance will be removed.

Additionally, ViaBTC will ensure assets safety of its uers. ViaBTC will also continue to concern the fork issue and will give responses as soon as possible to help promote the healthy and sustainable development of Bitcoin ecosystem.

there is going to be only one coin. its stupid to to split up something so great as the bitcoin just to fight for selfish block fees with onchain scalling. once bitcoin scaled x1000 offchain its value will be enough for big miner fees.

If you look, they are both backed up by Digital Currency Group. I believe DCG sees their biggest revenue potential in sidechains. The sidechains market will be larger if the blocksize is kept small and they will have first mover advantage since they probably have already infrastructure in place for SWSF.

Having said that, it will be insanely stupid to go with minority chain for all of their businesses. Right now all their comments and support are just to try to keep larger blocks from happening.

The best strategy here is to get BF/BTCC isolated away and committed to some renegade SW chain so that the rest of the majority miners can destroy them so as to get rid of their cancer once and for all.

core has expected everyone else to “compromise” for over 2 years, and they HAVE! (this would have been over 2 years ago if not for cores unwillingness to work with anyone on actually scaling Bitcoin itself)

the only ones unwilling to compromise is the “core” dictators trying to force Bitcoin down a different path from what Satoshi designed as they never believed it could work 7 years ago

core could literally raise the block size to 2MB right now and all of the BU signaling nodes will accept their blocks

TL;DR core is 100% causing this split with their unwillingness to work with the network/community. core leaders never believed Bitcoin could scale/work so they are not in any way focused on scaling Bitcoin

Adding on to that.. So what happens when only a few can afford to store the whole chain, can they change/manipulate it if they all agree to do it?

there will always be enough full nodes owned by individuals. me for instance. storage is cheap and getting cheaper all the time. my coin values have appreciated so much that even if it requires storing a server in my home to run one, i will and can afford it.

Edit: in the deleted post Leaky_gland said, name one time that Bitcoin Core had to release a hotfix.

March 2013: the blockchain accidentally forked starting from block 225430 due to the change from BerkeleyDB in bitcoind 0.7 to LevelDB in bitcoind 0.8. Bitcoin Core had to convince miners to roll back to 0.7 while they worked on a fix.

August 2010: block 74638 triggered an integer overflow bug. Bitcoin Core released a hotfix that forked the blockchain, but not before 24 blocks were mined on the old chain and a $10,000 double-spend was pulled off against OKPay.